Business
New exploration blocks
New exploration blocks.
About this update from Pensana Plc
[{"type":"text","content":"\n Pan Andean Resources PLC\n17 July 2007\n\n\nPan Andean Resources\n\n\nAcquisition of new exploration blocks\n\n\n • Two new exploration blocks awarded in Peru in competitive bidding round\n • Pan Andean 100% ownership in both blocks\n\n\nPan Andean Resources PLC ('Pan Andean' or 'the Company') the AIM listed oil and\ngas producer (AIM:PRE) is very pleased to announce that it has been awarded two\nnew exploration blocks in Peru in a competitive tender process. Pan Andean's\nnew blocks are Block 131 in the central Ucayali basin, and Block 141 located in\nthe Titicaca basin.\n\nBlock 131 has a total area of approximately 40 000 square km and is located west\nof Pan Andean's Block 114 in which exploration activities have been ongoing\nsince 2006. The directors consider the block which has approximately 750\nkilometers of 2D seismic, four wells, and three known oil seeps, to be highly\nprospective. The minimum work program for this block includes the reprocessing\nof 500 km of 2D seismic and the presentation of a geological and geophysical\nevaluation report in a period of 12 months. Commercial terms are world class.\n\nThe Ucayali basin has become one of the most attractive under explored basins in\nPeru among international oil companies and is also the host of the world class\ngiant Camisea gas condensate field.\n\nBlock 141 has approximately 22 000 square km and is northwest of Lake Titicaca\nin the high plains of Peru. The block is in a frontier basin. However, the\nbasin has a working petroleum system having seen successful exploration\nactivities as early as 1875 when the Pirin oil field was discovered. The work\nprogram for this block includes regional geological studies, the surveying and\nprocessing of aeromagnetic and aerogravimetric data in a period of 18 months.\nCommercial terms are world class.\n\n\n\nManaging Director, David Horgan said:\n\n'We are pleased with the important new acreage which has been awarded to Pan\nAndean. We have identified numerous potentially valuable plays in both blocks\nand look forward to executing in the near future.\n\nBlock 131 is of particular interest, with a recent discovery adjacent to our\nblock and previous drilling resulting in hydrocarbons shows. We believe that our\nmanagement experience and utilizing modern technologies will allow us to develop\nthe project successfully.\n\...